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The Ivy Portfolio
How to Invest Like the Top Endowments and Avoid Bear Markets
Mebane T. Faber (Author), Eric W. Richardson (Author)
9781118008850, Wiley
Paperback / softback, published 15 April 2011
240 pages
22.9 x 15.2 x 2 cm, 0.295 kg
A do-it-yourself guide to investing like the renowned Harvard and Yale endowments. The Ivy Portfolio shows step-by-step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach. The Ivy Portfolio also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, The Ivy Portfolio will show investors exactly how this can be accomplished—and allow them to achieve an unparalleled level of investment success in the process. With all of the uncertainty in the markets today, The Ivy Portfolio helps the reader answer the most often asked question in investing today - "What do I do"?
Preface ix Acknowledgments xi Part One: Constructing Your Ivy Portfolio 1 Chapter 1 The Super Endowments 3 Endowments Are Different 4 Size Matters . . . 8 . . . and So Does Performance 11 Active Management over Passive 14 Summary 16 Chapter 2 The Yale Endowment 17 History of the Endowment 18 David Swensen’s Ascent 22 Of Alphas and Betas 30 Outlining the Yale Process 33 Domestic Equity 34 Foreign Equity 35 Fixed-Income 37 Real Assets 37 Private Equity 38 Summary 39 Chapter 3 The Harvard Endowment 41 History of the Endowment 42 The Owner’s Mentality 43 Harvard’s Swensen 45 More Money, More Problems 48 How Harvard Does It 50 Summary 53 Chapter 4 Building Your Own Ivy League Portfolio 55 Do as I Do—Shadowing the Super Endowments 56 Risk-Adjusted Returns 64 Do as I Say 66 Inflation Is the Enemy 68 Creating an All-Weather Policy Portfolio through Indexing 71 Implementing Your Portfolio 74 Rebalancing Your Portfolio 77 Summary 78 Part Two: Alternatives 81 Chapter 5 Private Equity 83 What Is Private Equity? 84 Historical Returns and Benchmarking 85 How to Invest in Publicly Listed Private Equity 91 Summary 96 Chapter 6 Hedge Funds 97 A Brief Introduction to Hedge Funds 98 Fund of Funds 101 Options to Invest in Hedge Funds 113 Individual Hedge Funds 123 Fund of Funds 125 Practical Considerations 131 Summary 132 Part Three: Active Management 133 Chapter 7 Winning by Not Losing 135 Losing Hurts 136 The Quantitative System 141 Out-of-Sample Testing and Systematic Tactical Asset Allocation 151 Extensions 158 A Rotation System 159 Practical Considerations and Taxes 160 Discipline 162 The Systems versus the Endowments 165 Why It Works 166 Summary 169 Chapter 8 Following the Smart Money 171 Introduction to the 13F 172 Combining the Top Fund Managers to Create Your Own Fund of Funds 182 Summary 185 Chapter 9 Develop an Action Plan 187 Implementing Your Ivy Portfolio 188 Portfolios Discussed in The Ivy Portfolio 191 Appendix A: A Brief Review of Momentum and Trend Following 195 Appendix B: Additional Charts 199 Appendix C: Recommended Reading 207 Bibliography 211 About the Authors 218 Index 219
Subject Areas: Finance & accounting [KF]
